Buying an Apartment in Madrid – The Real Cost

What is the final amount of money you will need to buy this apartment for sale ?

What is the final cost of buying an apartment for sale in Madrid ?

How much money will you need to complete the purchase of this apartment ? Did you include commissions, legal and administrative fees as well as taxes ?

As a relocation entrepreneur working on the buyer’s side, I will give you the facts simply and clearly:

add minimum 7-10 % on top of the purchase price

There are 2 kinds of costs when buying an apartment in Madrid:

taxes for the purchase,

legal and administrative fees,

1. Taxes: 6 – 10 %

6 % for second hand apartment in Madrid, around 10 % in total for a new build apartment,

This is mainly for VAT: 10 % for new build, or ITP, its equivalent for second hand, 6% in Madrid only, the lowest in Spain (7 to 11% in other regions such as Valencia or Barcelona) starting in 2014.
Then there is a stamp tax (IAJD, Impuestos de Actos Juridicos Documentados) to cover the legal work to be done by the local government for the apartment registry: between 0,3 to 0,7 %

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